Wall Street expects $11.33 billion in revenue as the enterprise software giant's autonomous AI agents gain serious traction with over 6,000 paying customers
Salesforce is set to report its fiscal Q2 2027 earnings after market close on August 26, with investors laser-focused on one question: can the company’s bet on autonomous AI agents keep delivering outsized growth?
Analysts expect revenue of approximately $11.33 billion for the quarter, representing about 11% year-over-year growth compared to the $10.24 billion Salesforce posted in Q2 FY26. The adjusted EPS estimate sits around $3.28, a hair above the company’s own guidance range of $3.25 to $3.27.
Agentforce is the main event #
The platform’s annual recurring revenue hit $1.2 billion as of Q1 FY27, more than doubling year-over-year. Agentic work units surged 205% to reach 3.8 billion. Meanwhile, the platform processed 28.6 trillion AI tokens, a 152% sequential increase. Salesforce now counts over 6,000 paying Agentforce customers.
The bigger picture for FY27 #
Salesforce has raised its full-year revenue guidance for FY27 to a range of $45.9 billion to $46.2 billion. The prior quarter, Q1 FY27, already showed momentum. Revenue came in at $11.13 billion, a 13% year-over-year increase. The current remaining performance obligations (cRPO), which measures contracted revenue expected to be recognized within the next 12 months, is targeted at roughly 14% year-over-year growth.
Salesforce has historically made its money through subscription licenses. AI-driven revenue operates on a somewhat different logic, with usage-based pricing models and faster product iteration cycles creating new variables in the forecasting equation.
What investors are watching #
First, investors want to understand the durability of Agentforce adoption. Salesforce will need to demonstrate that its pipeline of potential Agentforce customers extends well beyond the current 6,000.
Second, margins matter. Processing 28.6 trillion tokens requires significant compute resources, and investors will scrutinize whether Agentforce revenue is translating into profitable revenue. The adjusted EPS estimate of $3.28 suggests profitability remains solid.
Third, competition is intensifying. Microsoft’s Copilot suite, Google’s Workspace AI tools, and a growing roster of specialized AI startups are all targeting the same enterprise customers.
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